David Fawcett (SA, Liberal Party) Share this | Link to this | Hansard source

I present the report of the Parliamentary Joint Committee on Corporations and Financial Services on the statutory oversight of the Australian Securities and Investment Commission and the takeovers panel together with the minutes of proceedings of the committee and the transcript of evidence.

Ordered that the report be printed.

I move:

That the Senate take note of the report.

The report covers a few areas, one being the oversight of the takeovers panel and the oversight of ASIC. Just to provide context to the Senate, this oversight period occurred when both the FSI review was occurring but also more importantly during the Senate Economics References Committee inquiry into ASIC. The committee determined that it would not seek to duplicate the work of the Senate Economics Committee during that period and hence focused on a number of other matters that are within the committee's terms of reference. Hence we had a dedicated hearing on the Takeovers Panel, as well as looking at some of the issues that ASIC is required to consider, such as emerging issues, high-frequency trading and dark pools, and the issue of penalties.

This report does deal with ASIC's performance in a number of these areas. However, we have now seen both the tabling of the Economics Committee report and, more importantly, the government's response to that. I can advise the Senate that future oversight reports will be looking in some detail at efficacy of ASIC's implementation of the recommendations that have been agreed to in part or in principle by the government. I seek leave to continue my remarks.

Leave granted.